ChainCatcher reported that according to Bloomberg, Deutsche Bank announced that it will strategically advance the development of blockchain technology to meet the challenges facing the financial services industry.
The German banking giant is participating in Singapore’s Project Guardian, an initiative led by the Monetary Authority of Singapore that aims to harness the benefits that blockchain can bring to financial markets.
Deutsche Bank is currently testing a new platform based on the Ethereum network to provide services for tokenized funds under Project Guardian. Anand Rengarajan, head of securities services for Asia Pacific and the Middle East and global head of sales at Deutsche Bank, stressed the urgency of adopting innovative technologies. He said: "Blockchain will be critical to helping us remain competitive as margin compression affects the financial services industry."
According to Rengarajan, blockchain and smart contract-based solutions can significantly reduce costs, shorten transaction times and minimize risks.
